harman850t5

iTrader: (8)

So the story starts with me going to Nissan to get some parts for my car. On the way out I drove through the car line and came upon an 09 370z touring 6mt.

Not even a second after getting out my car the owner of the dealership was out there talking to me complementing me on the car and apparently letting me be the first person allowed to drive it. (apparently salesmen were only allowed to drive it).

Any ways, it's better than my 03 in every possible way to me at least.

But, here's my dilemma. I know a smart person would hold off and pay off the current car. I have 9k left on my car to pay it off, but they're paying off my car and a little extra. My insurance would stay pretty close to where it's at now, but payments would be $500 a month.

davidv

iTrader: (2)

Trading-up is costly. You will take a 10 percent hit on trade in (versus private sale) and a 10 percent hit on the purchase (versus buying from private party). You are now 20 percent behind.

But but but the dealer is going to finance. Finance is just a way to drive a vehicle that you cannot afford to buy. And driving a car on someone else's money (the lender) will cost you another 10 percent.

Oh that 370Z is so tempting. You want the car. You have no money. Pay the man.

harman850t5

iTrader: (8)

See that's what I needed. Just not put so cruelly.

harman850t5

iTrader: (8)

I was also trying to build credit when I took the loan out on this car.

davidv

iTrader: (2)

ha ha. Been there done that. 44 years ago when I started buying vehicles, I would put 10 percent down on a $4,000 car, and walk out with a $5,000 loan. Made payments for years. Thought that the misery would never end.

I paid no attention to my father. You will pay no attention to me. Life is funny that way.

davidv

iTrader: (2)

Building credit is smart. At some time you will want a $35,000 car or a $350,000 house. Got to have credit.

But one thing always trumps good credit - cash on the barrel.

singh

iTrader: (2)

lol at you being the first allowed to drive it..

don't be so easily deceived my friend..

Deteria

iTrader: (2)

Yea I've test driven 370z plenty of times for fun. Just act like you gonna buy it and they will let you.

harman850t5

iTrader: (8)

My dad has said the same things to me about his life lessons. 4 years later I'm wishing I would have listened to him.

I figured they were just blowing smoke. It was neat to drive though, and I got caught up in the want it now thing. I'm pretty sure I'm getting a Nismo if I get another Z though, which will be a while.

SparkleCityHop

iTrader: (30)

davidv, I'm impressed. You did a good thing there.

And I agree 100% with everything you said. I also had to learn too many lessons the hard way because I was stubborn and couldn't learn from my dad's advice/wisdom.

harman850t5

iTrader: (8)

I forgot how persistent salesmen are. Called me 4 times. I finally answer and say I'm really not interested nor financially ready for a new car. So they ask me to at least come in and talk. I get there, they put me in the finance office and he starts saying how much he got my payment down and what will it take to get me into it tonight.

Meanwhile the sales guy parks the car stanced ever so perfectly outside the window.

I told them no definites but if he could put the car at 28k with tax, tag and title. Then, give me 11,500 for my car I may consider. He did after saying, "You know I'm probably going to get in grouble for this." Then, got the sales manager in the office to try and get me to finally cave and sign the papers.

After half an hour they finally understood it's not gonna happen. And by now it was too late to see Crosby back on the ice.

striker27

iTrader: (6)

I do not mean to sound cruel.....

But you are making payments on a car that is 9 yrs old.... Plus you have 9k to pay off on it....

Never ever buy a depreciating asset on credit!!! It is the fools life for you if you do!!! Save your money and buy a car you can afford!! Now if I could just get my wife to stop spending my checks at the mall and buying dinner and drinks at the club for her family and friends. Well me and the dog could retire somewhere nice!!!

Do not do it until you have the cash in your fist!!

Zivman

iTrader: (19)

what are your payments now? I would say if you can stay within a 100 bucks of your current payments and not extend too far past your current remaining loan I would say go for it. you would be getting a 6 yr newer car... that is a huge plus